The used car market experienced substantial growth in 2024, recording an overall increase of 5.5% and reaching a total of 7,643,180 transactions. The latest Q4 figures reveal a 4.0% rise in transactions from October to December, marking the eighth consecutive quarter of expansion. The demand for used battery electric vehicles (BEVs) surged by 57.4% in 2024, with 188,382 units sold, pushing their market share to a record high of 2.5%, up from 1.7% in the previous year. Plug-in hybrid (PHEVs) and hybrid (HEVs) vehicle sales also saw significant growth, rising by 32.2% to 92,120 units and 39.3% to 306,114 units, respectively. Despite the rise in electric, petrol and diesel models continued to dominate the used car market, making up 92.1% of all transactions, a slight decline from 94.3% in 2023. Petrol vehicles remained the most popular choice, growing by 6.8% to account for 57.1% of the market, while diesel transactions fell by -2.4%, representing 35.0% of sales. The used car market’s resilience stands in contrast to the new car market, which has seen four consecutive months of contraction. This trend suggests a possible shift in consumer preference toward used vehicles, particularly as economic conditions and affordability remain key factors in purchasing decisions. Looking ahead to 2025, several factors are expected to influence the market, including the introduction of Vehicle Excise Duty on electric vehicles in April 2025 as well as the Expensive Car Supplement. With the Zero-Emission Vehicle mandate quota increasing to 28% this year, used EVs are poised to play a crucial role in facilitating the transition to electric. NFDA continues to lobby for governmental support, including additional incentives and investment in charging infrastructure, to ensure a smooth shift to electric vehicle adoption. Find NFDA’s full press release here: https://www.nfda-uk.co.uk/pres…